MasterCards offer:

Home Equity Line of Credit (HELOC) w/ MasterCard Access

A Home Equity MasterCard offers flexible spending power with a revolving line of credit and low variable rate. Draw upon your line of credit whenever you need. As you pay down the balance or have credit available, you can use your line of credit again and again.

EMV chip technology is becoming the global payments standard for debit and credit cards. Already adopted in Europe, Asia and Canada, chip technology will begin to make its way into the US in 2015. EMV, named after its original developers Europay, MasterCard®, and Visa®, embeds a tiny computer chip into debit and credit cards.

Q - Why Chip Technology?

This smart chip technology will help protect sensitive payment account information and reduce fraud. Chip technology creates a unique impression that's difficult to counterfeit and relatively impervious to the hacks of fraudsters, especially when compared to the magnetic stripe that is still used in the US today.

Q - What makes traditional magnetic stripe cards different than EMV?

Current magnetic stripe credit and debit cards contain “static” data, or payment data that does not change. The data stored in the magnetic stripe includes your 16-digit card number, expiration date and 3-digit CVV security code like the one found on the back of your card. Consequently, data from a magstripe card can be easily copied (skimmed) with a simple, inexpensive card reading device – enabling criminals to reproduce counterfeit cards.

EMV chip cards contain the same data as magnetic stripe cards, however, each transaction generates a “dynamic” or unique authentication that is encoded in a safe mode.

Q - How does EMV help protect you even if your card is lost or stolen?

The chip technology protects against the creation of counterfeit cards because the dynamic authentication code is only good for a single purchase or use; then it changes. Should an EMV card’s magnetic stripe be skimmed and a counterfeit card created, when this counterfeit card is swiped for a purchase, the machine will know that this card number is EMV enabled and will deny the swipe attempt and require the card to be inserted into the EMV reader for the transaction to be completed. If the card is not inserted into the EMV reader, which it can’t be because counterfeit card does not have a chip, so the transaction will not go through.

Q - Will this Change The Way I Pay for Things?

Rather than swiping your card, you may soon insert the chip card into a card reader so the chip on your card and the reader can “talk” and establish a secure connection. Then the card is left in the reader for the duration of the transaction, which ends when the receipt is being printed. The tough part here is not to leave your card in the reader.

Q - What will I see as a Cardholder?

You will begin to see new card readers or payment terminals in your favorite stores and restaurants. Many of the new readers may already in place. Red Crown will begin issuing new credit and debit cards in 2015.

• Credit cards will begin to be re-issued the end of first quarter. Our understanding is that your card number will remain the same, however, the expiration date and CVV security code will be different.

• Debit cards will begin to be re-issued in waves between April and October. We do not know yet if card numbers will remain the same or be different. We do know that the expiration date and CVV security code will be different.

Q - Why is October 2015 important?

October 2015 is the industry given date that the new EMV chip card standards will go into effect which will change how the liability falls between card issuers (Red Crown) and retailers/merchants. While EMV compliance won't be mandatory, liability for fraud will fall on the party that hasn't upgraded their systems.

Currently, card issuers (Red Crown) are liable for all counterfeit fraud-related losses. Come October 2015, if a retailer/merchant is not EMV enabled, the merchant shall be liable if there should be a fraud-related loss. In industry jargon, it's a liability shift of counterfeit transactions. It creates incentives and an alignment in the industry for both retailers and card issuers to migrate to the EMV technology.